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UPDATE: Stifel Downgrades Automatic Data Processing As Risk/Reward Comes Into Balance

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In a report published Friday, Stifel analyst David Grossman downgraded the rating on Automatic Data Processing (NASDAQ: ADP) from Buy to Hold, and removed the $83.00 price target.

In the report, Stifel noted, “We are downgrading ADP from Buy to Hold and removing it from the Income Opportunity Ideas List. Our core thesis has been that the company's multi-year investment to enhance the HCM platform underlying its core business in tandem with global expansion and an improving rate environment would position this company to sustain its target revenue and EPS growth rates. We believe these efforts are paying off and are now fairly reflected in the current share price, bringing the risk/reward in balance.”

Automatic Data Processing closed on Thursday at $86.06.

Latest Ratings for ADP

DateFirmActionFromTo
Sep 2019DowngradesBuyNeutral
Aug 2019MaintainsEqual-Weight
Aug 2019MaintainsOverweight

View More Analyst Ratings for ADP
View the Latest Analyst Ratings

Posted-In: David Grossman StifelAnalyst Color Downgrades Analyst Ratings

 

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